410 NW 1 Avenue Unit: 302 Fort Lauderdale, FL 33301 MLS ID# F886939
● 2 Bed, 2 Bath
● 1,600 Sq. Ft.
● Year Built: 2007
● On the MLS at $449,000
● Purchased on 11/13/2007 $574,900
● For a loss of $125,900 or about 21.8%
434 NW 1St Av Unit: 201 Fort Lauderdale, FL 33301 MLS ID# F881715
● 2 Bed, 2 Bath
● Year Built: 2006
● On the MLS at $399,000
● Purchased on 10/25/2006 $499,900
● For a loss of $100,900 or about 20.1%
Thursday, June 26, 2008
Downtown condos have downturn, could be worse could be houses
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3 comments:
Are banks really that stupid? This house has been foreclosed and is owned by Lasalle Bank Trust. CIT Finance made the mortgage.
212 Coral Cay Terrace
Ballenisles
Palm Beach Gardens, Fl
Asking price $275,000
http://www.realtor.com/search/listingdetail.aspx?zp=33418&mnp=25&mxp=23&typ=7&sid=cf14ea9880814236ae0b7683db3d61e3&lid=1096193712&lsn=7&srcnt=7#Detail
Last sold for $260,000 March 02
http://www.pbcgov.com/papa/aspx/web/detail_info.aspx?p_entity=52424211160000770&geonav=Y&styp=general&owner=&city=&zip=&method=address&cidx=&sdiv=&sdivnam=&stno=212&pdir=&st=coral&strnm=&sufx=&ptdir=&cty=&rng=&twp=&sct=&blk=&lot=&book=&page=&tangid=&condo=&condoname=&use=&usnam=&sloc=&prd=&pedir=&podir=&famt=&tamt=&fsqft=&tsqft=&srt1=&srt2=&srt3=&stpage=0&adlfilter=
Owner refinanced in July 06
1st Mortgage $436,000
2nd Mortgage $109,000
1st Mortgage
http://oris.co.palm-beach.fl.us/or_web1/details.asp?doc_id=15874264&file_num=20060429453
2nd Mortgage
http://oris.co.palm-beach.fl.us/or_web1/details.asp?doc_id=15874266&file_num=20060429455
Selling for 50.5% of the loan value. Loss to bank at least $270,000.
Michael,
I live NYC and am thinking about buying a condo in the Las Olas area. Do you think NOW is a good time to buy. Prices look good but will they go lower? I am looking at buildings like Water Garden, Nu Landing, Essex Towers, Birch Towers, etc. Any info would be helpful. Thanks Dan
dan,
Perhaps being from NYC means you don't know the difference between West Palm Beach and Broward counties. But please now understand that I mostly blog Broward and michael comments on WPB and Las Olas is in the former.
Anyway why on earth would you want to buy a condo around there? There's tons of places to be rented for far far less then what you could purchase one even in today's depressed market.
If its because you want to have equity isn't that what this blog illastrates, negative equity is what the realestate buble has left in its wake, so if you don't mind throwing away some equity when you purchase and aren't worried about condo associations that can't pay their bills (cable, sewer/water, utilties, etc.) because of empty/forclosed units, then by all means buy. Otherwise RENT.
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